Top Tips - What to do when purchasing a home for the first time

• Be proactive:  visit a mortgage lender before you even start looking for a property.  By doing so you can get proof of funding and complete all the background checks in advance, which can save up to two weeks off the process.
• Get agreement from a lender: get your lender to confirm your loan in writing as this is one of the first things we will ask you for.
• Source a solicitor before your property: most law firms won't start charging for their service until you find a property, meaning you can complete the relevant background checks and be ready to go as soon as you find your dream home.  To speed things up, bring your ID, lender agreement and proof of wider funds, such as a bank statement to your first meeting.  You should also use this time to go through what will be covered as part of the legal service and we can give you a fixed, transparent quote.
• Budget accordingly:  when budgeting for buying a house, there are a multitude of extra costs you'll need to factor in on top of the deposit, including stamp duty, survey, legal, mortgage and moving costs.  If you are unsure what you may need to put aside, this handy calculator can help.  If you are buying a flat there will be additional costs payable to Landlord/Management Company.
• Clarify ownership:  if a family member is helping you out with a deposit, make sure you have a coversation around whether it is a gift or a loan.  If it's the latter, you may require a formal agreement which we can draft for you.  This may also have to be referred to your mortgage lender for approval.
• Protect your assets:  if you are purchasing a property with a friend, family member or partner and are putting in unequal monies, you must put a Trust Deed in place.  This will protect your assets in the case that you want to sell or break-up with your partner.  Again, we will be able to help with this.
• Outline the process:  we will outline the conveyancing process to avoid wasting time on unnecessary calls.  It is helpful to give us your best contact details in advance, either email or phone number or both!
• Be upfront:  let us know any concerns or requirements such as a desired move date upfront to ensure we can meet your expectations. You should also inform us of anything that could delay the process such as planned holidays or any delays in receiving deposit monies.
• Notify us once your offer is accepted:  keep us in the loop at all stages and if possible pass on details of seller's solicitor, and estate agent so we can contact them if needed.

For further information on any of the above, please contact our Conveyancing Team on 01926 491 181